Chinese ride-hailing firm Didi Chuxing Technology has raised more than $4 billion to support AI capacity-building, expansion overseas and new business initiatives. The five-year-old Chinese ride-hailing firm latest round of funding pushes its valuation to about $56 billion and lifts its cash reserves to $12 billion.

The company was founded in 2012 by Cheng Wei, a former employee of Alibaba. The President of DiDi Chuxing is Liu Qing (Jean Liu), ex-Managing Director at Goldman Sachs and is the daughter of Lenovo founder Liu Chuanzhi.

DiDi is the world’s leading one-stop mobile transportation platform. We offer app-based mobility options for more than 450 million users. At DiDi, we strive to harness the power of AI technology to help cities solve transportation, employment and environmental challenges.